Market liquidity decimals

brownie-config.yaml

@@ -10,7 +10,7 @@ compiler:
   solc:
     version: 0.8.7
     remappings:
-      - "@openzeppelin=OpenZeppelin/[email protected].2"
+      - "@openzeppelin=OpenZeppelin/[email protected].3"
     optimizer:
       enabled: true
       runs: 400
@@ -21,4 +21,4 @@ compiler:
 
 autofetch_sources: True
 dependencies:
-  - OpenZeppelin/[email protected].2
+  - OpenZeppelin/[email protected].3

contracts/OverlayToken.sol

@@ -20,20 +20,30 @@ contract OverlayToken is AccessControlEnumerable, ERC20("Overlay", "OVL") {
   }
 
   modifier onlyMinter() {
-    require(hasRole(MINTER_ROLE, msg.sender), "only minter");
+    require(hasRole(MINTER_ROLE, msg.sender), "ERC20: !minter");
     _;
   }
 
   modifier onlyBurner() {
-    require(hasRole(BURNER_ROLE, msg.sender), "only burner");
+    require(hasRole(BURNER_ROLE, msg.sender), "ERC20: !burner");
     _;
   }
 
   function mint(address _recipient, uint256 _amount) external onlyMinter {
       _mint(_recipient, _amount);
   }
 
-  function burn(address _account, uint256 _amount) external onlyBurner {
+  function burn(uint256 _amount) external onlyBurner {
+      _burn(msg.sender, _amount);
+  }
+
+  // See: OpenZeppelin Contracts v4.4.0 (token/ERC20/extensions/ERC20Burnable.sol)
+  function burnFrom(address _account, uint256 _amount) external onlyBurner {
+      uint256 _currentAllowance = allowance(_account, msg.sender);
+      require(_currentAllowance >= _amount, "ERC20: burn amount exceeds allowance");
+      unchecked {
+          _approve(_account, msg.sender, _currentAllowance - _amount);
+      }
       _burn(_account, _amount);
   }
 }

contracts/OverlayV1UniswapV3Market.sol

@@ -7,6 +7,8 @@ import "./interfaces/IUniswapV3Pool.sol";
 import "./market/OverlayV1Market.sol";
 import "./libraries/UniswapV3OracleLibrary/TickMath.sol";
 
+interface IERC20Decimals { function decimals () view external returns (uint256); }
+
 contract OverlayV1UniswapV3Market is OverlayV1Market {
 
     using FixedPoint for uint256;
@@ -16,21 +18,22 @@ contract OverlayV1UniswapV3Market is OverlayV1Market {
     uint256 public immutable macroWindow; // window size for main TWAP
     uint256 public immutable microWindow; // window size for bid/ask TWAP
 
+    uint immutable marketLiquidityDecimals;
     address public immutable marketFeed;
     address public immutable ovlFeed;
     address public immutable base;
     address public immutable quote;
     uint128 internal immutable baseAmount;
 
-    address internal immutable eth;
-    bool internal immutable ethIs0;
+    address internal immutable weth;
+    bool internal immutable wethIs0;
 
     constructor(
         address _mothership,
         address _ovlFeed,
         address _marketFeed,
         address _quote,
-        address _eth,
+        address _weth,
         uint128 _baseAmount,
         uint256 _macroWindow,
         uint256 _microWindow,
@@ -45,10 +48,12 @@ contract OverlayV1UniswapV3Market is OverlayV1Market {
         _priceFrameCap
     ) {
 
+        require(_microWindow < _macroWindow, "OVLV1:micro>=macro");
+
         // immutables
-        eth = _eth;
-        ethIs0 = IUniswapV3Pool(_ovlFeed).token0() == _eth;
+        weth = _weth;
         ovlFeed = _ovlFeed;
+        marketLiquidityDecimals = IERC20Decimals(_weth).decimals();
         marketFeed = _marketFeed;
         baseAmount = _baseAmount;
         macroWindow = _macroWindow;
@@ -57,6 +62,9 @@ contract OverlayV1UniswapV3Market is OverlayV1Market {
         address _token0 = IUniswapV3Pool(_marketFeed).token0();
         address _token1 = IUniswapV3Pool(_marketFeed).token1();
 
+        require(_token0 == _weth || _token1 == _weth, "OVLV1:token!=WETH");
+
+        wethIs0 = _token0 == _weth;
         base = _token0 != _quote ? _token0 : _token1;
         quote = _token0 == _quote ? _token0 : _token1;
 
@@ -67,8 +75,8 @@ contract OverlayV1UniswapV3Market is OverlayV1Market {
         );
 
         _pricePoints.push(PricePoint(
-            _tick, 
-            _tick, 
+            _tick,
+            _tick,
             0
         ));
 
@@ -116,7 +124,7 @@ contract OverlayV1UniswapV3Market is OverlayV1Market {
 
             uint _liquidity = (uint160(microWindow) << 128) / ( _liqs[0] - _liqs[1] );
 
-            _marketLiquidity = ethIs0
+            _marketLiquidity = wethIs0
                 ? ( uint256(_liquidity) << 96 ) / _sqrtPrice
                 : FullMath.mulDiv(uint256(_liquidity), _sqrtPrice, X96);
 
@@ -135,25 +143,26 @@ contract OverlayV1UniswapV3Market is OverlayV1Market {
                 int24((_ticks[0] - _ticks[1]) / int56(int32(int(macroWindow)))),
                 1e18,
                 ovl,
-                eth
+                weth
             );
 
         }
 
         price_ = PricePoint(
-            _microTick, 
-            _macroTick, 
+            _microTick,
+            _macroTick,
             computeDepth(_marketLiquidity, _ovlPrice)
         );
 
     }
 
 
     /// @notice Arithmetic to get depth
-    /// @dev Derived from cnstant product formula X*Y=K and tailored 
+
+    /// @dev Derived from constant product formula X*Y=K and tailored
     /// to Uniswap V3 selective liquidity provision.
-    /// @param _marketLiquidity Amount of liquidity in market in ETH terms.
-    /// @param _ovlPrice Price of OVL against ETH.
+    /// @param _marketLiquidity Amount of liquidity in market in weth terms.
+    /// @param _ovlPrice Price of OVL against weth.
     /// @return depth_ Depth criteria for market in OVL terms.
     function computeDepth (
         uint _marketLiquidity,
@@ -162,15 +171,15 @@ contract OverlayV1UniswapV3Market is OverlayV1Market {
         uint depth_
     ) {
 
-        depth_ = ((_marketLiquidity * 1e18) / _ovlPrice)
-            .mulUp(lmbda)    
+        depth_ = ((_marketLiquidity * marketLiquidityDecimals) / _ovlPrice)
+            .mulUp(lmbda)
             .divDown(2e18);
 
     }
 
     function _tickToPrice (
         int24 _tick
-    ) public override view returns (
+    ) internal override view returns (
         uint quote_
     ) {
 

contracts/collateral/OverlayV1OVLCollateral.sol

@@ -8,7 +8,6 @@ import "@openzeppelin/contracts/token/ERC1155/extensions/ERC1155Supply.sol";
 import "../interfaces/IOverlayV1Market.sol";
 import "../interfaces/IOverlayV1Mothership.sol";
 import "../interfaces/IOverlayToken.sol";
-import "../interfaces/IOverlayTokenNew.sol";
 
 contract OverlayV1OVLCollateral is ERC1155Supply {
 
@@ -32,7 +31,7 @@ contract OverlayV1OVLCollateral is ERC1155Supply {
     Position.Info[] public positions;
 
     IOverlayV1Mothership public immutable mothership;
-    IOverlayTokenNew immutable public ovl;
+    IOverlayToken immutable public ovl;
 
     uint256 public fees;
     uint256 public liquidations;
@@ -156,13 +155,13 @@ contract OverlayV1OVLCollateral is ERC1155Supply {
     /// @notice Disburses fees
     function disburse () public {
 
-        (   uint256 _marginBurnRate,
+        (   address _feeTo,,
             uint256 _feeBurnRate,
-            address _feeTo ) = mothership.getUpdateParams();
+            uint256 _marginBurnRate ) = mothership.getGlobalParams();
 
         uint _feeForward = fees;
         uint _feeBurn = _feeForward.mulUp(_feeBurnRate);
-        _feeForward = _feeForward - _feeBurn;
+        _feeForward -= _feeBurn;
 
         uint _liqForward = liquidations;
         uint _liqBurn = _liqForward.mulUp(_marginBurnRate);
@@ -178,7 +177,7 @@ contract OverlayV1OVLCollateral is ERC1155Supply {
             _liqBurn
         );
 
-        ovl.burn(address(this), _feeBurn + _liqBurn);
+        ovl.burn(_feeBurn + _liqBurn);
         ovl.transfer(_feeTo, _feeForward + _liqForward);
 
     }
@@ -236,7 +235,7 @@ contract OverlayV1OVLCollateral is ERC1155Supply {
 
     /**
       @notice Build a position on Overlay with OVL collateral
-      @dev This interacts with an Overlay Market to register oi and hold 
+      @dev This interacts with an Overlay Market to register oi and hold
       positions on behalf of users.
       @dev Build event emitted
       @param _market The address of the desired market to interact with
@@ -257,6 +256,7 @@ contract OverlayV1OVLCollateral is ERC1155Supply {
 
         require(mothership.marketActive(_market), "OVLV1:!market");
         require(_leverage <= marketInfo[_market].maxLeverage, "OVLV1:lev>max");
+        require(_leverage != 0, "OVLV1:lev==0");
 
         (   uint _oiAdjusted,
             uint _collateralAdjusted,
@@ -289,9 +289,9 @@ contract OverlayV1OVLCollateral is ERC1155Supply {
 
         emit Build(_market, _positionId, _oiAdjusted, _debtAdjusted);
 
-        ovl.transferFromBurn(msg.sender, address(this), _collateralAdjusted + _fee, _impact);
+        ovl.transferFrom(msg.sender, address(this), _collateralAdjusted + _impact + _fee);
 
-        // ovl.burn(msg.sender, _impact);
+        ovl.burn(_impact);
 
         _mint(msg.sender, _positionId, _oiAdjusted, ""); // WARNING: last b/c erc1155 callback
 
@@ -326,7 +326,7 @@ contract OverlayV1OVLCollateral is ERC1155Supply {
                     pos.pricePoint
                 );
 
-        uint _totalPosShares = totalSupply(_positionId);
+        uint _totalPosShares = pos.oiShares;
 
         uint _userOiShares = _shares;
         uint _userNotional = _shares * pos.notional(_oi, _oiShares, _priceFrame) / _totalPosShares;
@@ -336,48 +336,45 @@ contract OverlayV1OVLCollateral is ERC1155Supply {
 
         emit Unwind(pos.market, _positionId, _userOi, _userDebt);
 
-        // TODO: think through edge case of underwater position ... and fee adjustments ...
         uint _feeAmount = _userNotional.mulUp(mothership.fee());
 
         uint _userValueAdjusted = _userNotional - _feeAmount;
-        if (_userValueAdjusted > _userDebt) _userValueAdjusted -= _userDebt;
-        else _userValueAdjusted = 0;
+        if (_userValueAdjusted > _userDebt) {
+            _userValueAdjusted -= _userDebt;
+        } else {
+            // underwater position set to zero value with fees lowered appropriately
+            _userValueAdjusted = 0;
+            _feeAmount = _userNotional > _userDebt ? _userNotional - _userDebt : 0;
+        }
 
-        fees += _feeAmount; // adds to fee pot, which is transferred on update
+        fees += _feeAmount; // adds to fee pot, which is transferred on disburse
 
         pos.debt -= _userDebt;
         pos.cost -= _userCost;
         pos.oiShares -= _userOiShares;
 
-        // ovl.transfer(msg.sender, _userCost);
+
+        IOverlayV1Market(pos.market).exitOI(
+            pos.isLong,
+            _userOi,
+            _userOiShares,
+            _userCost < _userValueAdjusted ? _userValueAdjusted - _userCost : 0,
+            _userCost < _userValueAdjusted ? 0 : _userCost - _userValueAdjusted
+        );
 
         // mint/burn excess PnL = valueAdjusted - cost
         if (_userCost < _userValueAdjusted) {
 
-            ovl.transferMint(
-                msg.sender, 
-                _userCost, 
-                _userValueAdjusted - _userCost
-            );
+
+            ovl.mint(address(this), _userValueAdjusted - _userCost);
 
         } else {
 
-            ovl.transferBurn(
-                msg.sender, 
-                _userValueAdjusted, 
-                _userCost - _userValueAdjusted
-            );
+            ovl.burn(_userCost - _userValueAdjusted);
 
         }
 
-
-        IOverlayV1Market(pos.market).exitOI(
-            pos.isLong,
-            _userOi,
-            _userOiShares,
-            _userCost < _userValueAdjusted ? _userValueAdjusted - _userCost : 0,
-            _userCost < _userValueAdjusted ? 0 : _userCost - _userValueAdjusted
-        );
+        ovl.transfer(msg.sender, _userValueAdjusted);
 
         }
 
@@ -430,10 +427,8 @@ contract OverlayV1OVLCollateral is ERC1155Supply {
             pos.cost - _value
         );
 
-        // TODO: which is better on gas
         pos.oiShares = 0;
         pos.debt = 0;
-        // positions[positionId].oiShares = 0;
 
         uint _toReward = _value.mulUp(_marketInfo.marginRewardRate);
 
@@ -446,8 +441,8 @@ contract OverlayV1OVLCollateral is ERC1155Supply {
             _rewardsTo
         );
 
-        // ovl.burn(address(this), pos.cost - _value);
-        ovl.transferBurn(_rewardsTo, _toReward, pos.cost - _value);
+        ovl.burn(pos.cost - _value);
+        ovl.transfer(_rewardsTo, _toReward);
 
     }
 
@@ -468,6 +463,8 @@ contract OverlayV1OVLCollateral is ERC1155Supply {
 
         Position.Info storage pos = positions[_positionId];
 
+        if (pos.oiShares == 0) return 0; // liquidated
+
         IOverlayV1Market _market = IOverlayV1Market(pos.market);
 
         (   uint _oi,

contracts/interfaces/IOverlayToken.sol

@@ -3,10 +3,12 @@ pragma solidity ^0.8.7;
 
 interface IOverlayToken {
 
-    function burn(address account, uint256 amount) external;
+    function burn(uint256 amount) external;
 
     function mint(address account, uint256 amount) external;
 
+    function burnFrom(address account, uint256 amount) external;
+
     function totalSupply() external view returns (uint256);
 
     function balanceOf(address account) external view returns (uint256);
@@ -20,7 +22,7 @@ interface IOverlayToken {
     function decimals() external view returns (uint);
 
     function symbol () external view returns (string memory);
-    
+
     function name () external view returns (string memory);
 
     function transferFrom(